Purpose – The most of practical work that corroborate governance theory has studied the relationship between corporate governance and firm performance. The study of the effect of external markets on financial strategies has been less pronounced and less explored in financial and previous literature. The paper aims to clarify the impact of external markets on financial strategies in the Tunisian context. It proposes an advanced model of econometric applied to Tunisian data of panel. The study aims to active the role of control mechanism in corporate governance in order to discipline the leaders and realize the stakeholders’ interests. Design/methodology/approach – The paper opted for an exploratory study using the hypotheticaldeductive method, including 196 observations of Tunisian firms listed on the Stock Exchange market. The data were complemented by documentary analysis; including the statistics come from the data stock exchange published by the financial market and the annual progress reports of the companies. Findings – The paper provides empirical insights about are the external markets representing an efficient control tool permitting to orient the financial strategies of the leaders towards the interests of the shareholders? From the econometric tests applied to Tunisian data of panel, the results show that the result shows the incapacity of external markets to exert an efficient control in order to discipline the leaders and realize the stakeholders’ interests. It corroborates the hypothesis advanced by the entrenchment theory. The goods and services markets don’t encourage the leaders to contract the debt that permits to escape at control exerted by stakeholders. Moreover, the financial market doesn’t constitute an efficient mean that get the leaders to profit the advantages of mergers strategies and to improve then the stakeholders’objectives. Research limitations/implications – To clarify the role of external mechanism of control in corporate governance, the research may study the complementary or substitutability effect between the external and the other mechanisms of governance and its impact on financial strategic of firm. Practical implications – The paper includes implications for the strategy of ‘self-acquisition'. The companies must invest in the research and development and implement new training schemes for their personnel, in order to carry out the competitive advantages and to attract the national and international investors Originality/value – This paper fulfils an identified need to study the efficient degree of external markets in the value creation of the shareholders in the corporate governance of Tunisian companies.

Purpose – The most of practical work that corroborate governance theory has studied the relationship between corporate governance and firm performance. The study of the effect of external markets on financial strategies has been less pronounced and less explored in financial and previous literatu...